PPG Industries (PPG) Rating Reiterated by Jefferies Group
PPG Industries (NYSE:PPG)‘s stock had its “buy” rating restated by equities research analysts at Jefferies Group in a research report issued on Wednesday. They presently have a $135.00 price target on the specialty chemicals company’s stock. Jefferies Group’s price objective would suggest a potential upside of 14.41% from the company’s previous close. Jefferies Group also issued estimates for PPG Industries’ FY2020 earnings at $7.65 EPS.
Other research analysts have also recently issued research reports about the stock. Citigroup increased their target price on shares of PPG Industries from $112.00 to $114.00 and gave the stock a “buy” rating in a report on Monday, October 2nd. Credit Suisse Group set a $119.00 price target on shares of PPG Industries and gave the company a “buy” rating in a research note on Friday, October 20th. Bank of America set a $120.00 price target on shares of PPG Industries and gave the company a “hold” rating in a research note on Friday, October 20th. Royal Bank of Canada reiterated a “hold” rating and issued a $109.00 price target on shares of PPG Industries in a research note on Wednesday, September 13th. Finally, Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Monday, November 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. PPG Industries currently has an average rating of “Hold” and an average price target of $121.56.
PPG Industries (PPG) opened at $118.00 on Wednesday. PPG Industries has a 1-year low of $94.57 and a 1-year high of $119.85. The company has a market cap of $29,727.88, a price-to-earnings ratio of 17.13, a P/E/G ratio of 2.09 and a beta of 1.60. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68.
PPG Industries announced that its board has initiated a share repurchase program on Thursday, December 14th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Atlantic Trust Group LLC lifted its stake in shares of PPG Industries by 21.2% during the 3rd quarter. Atlantic Trust Group LLC now owns 14,943 shares of the specialty chemicals company’s stock worth $1,624,000 after buying an additional 2,615 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of PPG Industries by 3.8% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 619,783 shares of the specialty chemicals company’s stock worth $67,346,000 after buying an additional 22,803 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in shares of PPG Industries during the 3rd quarter worth about $571,000. Smith Shellnut Wilson LLC ADV acquired a new stake in shares of PPG Industries during the 3rd quarter worth about $393,000. Finally, Belpointe Asset Management LLC acquired a new stake in shares of PPG Industries during the 3rd quarter worth about $423,000. Institutional investors own 74.99% of the company’s stock.
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PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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